Looking for opinions from Indy's
I have previously stated from my other posts that I am having difficulty making a decision. I am with a major wire who has bumped their minimum HH to 250k and it is leaving thinking about my future with my firm. I have a unique situation because I was previously with an Indy. I felt like I was a little green and needed some training. Also, I'll be honest, I was hurting financially and the thought of a salary was the main reason I left. I have been in discussions with my previous boss and I will always have an office waiting for me at his firm. I have been in discussions and I have been offered to take over his book of business and the firm itself after 4 years when he retires if I come back. He wants to expand a little and know's I have the management skills and energy to accomplish some short term plans. I would go back to no salary, but a lot more training and prospects and contacts.
I know I am with a great firm, but I can't help but think about the fact that I won't own my book and have no real equity in my business. I also have a problem knowing that i can make the same amount of money with half of the AUM.
Any opinions would be greatly appreciated.
Anyone who wants to flame is welcome to do so. I would like to get opinions from both sides.
if you can walk into a situation where a) accts exist and b) you can buy out the current FA...... why not?
I agree with the hooker spam. ;)
In all seriousness. It sounds like you trust the guy. With trust, current assets to work with, and some sort of written succession proposal (Notice word 'written'. It doesn't have to be a contract, just something to know everybody is serious.) I know I'd take the risk.
Do not consider Wells Fargo FINET. I have been with them for over 10 years. They are getting more and more rescrictive. They have told us every year for the last 4 years they will be starting an RIA hybrid model. They are now saying that is not going to happen. We are still using technology from 2006! My computer system automatically upgraded my windows version to 2010 and FINET told me their system cannot work with the "new" version. Stay away from FINET. Look at a firm with more options!
It really all comes down to what you want out of your job... It sounds to me like you would love to have your own book and equity in your own company, but you have to trust yourself and do whatever you think is best. It sounds like you won't lose either way you choose to go